BobokusFibo_v2_v1

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BobokusFibo_v2_v1

This script is designed to automatically generate and display three distinct types of Fibonacci retracement levels on your trading chart. It helps traders visualize potential price targets and support/resistance zones based on previous market movements.

Core Functionality

The logic operates by identifying the high and low prices from a specific historical time period (determined by the "TimeFrame" setting). It then uses these points to draw three unique Fibonacci configurations simultaneously:

1. Long Targets This identifies potential upside targets for a bullish position. It places Fibonacci levels starting from a calculated high point, providing four specific targets (at 0.34, 0.55, 0.764, and 1.764) to help traders decide where to take profits as the price moves upward.

2. Short Targets Similarly, this focuses on bearish positions. It identifies potential downside targets starting from a calculated low point, offering four specific targets (at 0.34, 0.55, 0.764, and 1.764) to guide profit-taking for downward price movements.

3. Intraday/Pivot Levels This is a more detailed layout that provides seven distinct levels based on the range of the chosen timeframe. It includes specialized markers such as "Low," "Short," "Pivot," "Long," and "High." This is primarily used to identify key structural areas within a single trading session or day.

Key Logic Features

  • Timeframe Awareness: The script is designed to work specifically on standard larger timeframes (Hourly, 4-Hourly, Daily, Weekly, and Monthly). It includes built-in logic to ensure it does not run on very small "noise" timeframes like the 1-minute or 5-minute charts.
  • Smart Weekend Handling: If the script identifies that the start of a period falls on a Sunday, it automatically incorporates the price data from Friday as well. This ensures that the Fibonacci levels account for the full weekend market movement.
  • Automatic Labeling: Every level drawn on the chart is automatically labeled with its corresponding purpose (e.g., "Long Target 1" or "Pivot") so the user can easily identify what each line represents at a glance.
  • Visual Organization: Each type of Fibonacci tool uses a different color (Royal Blue, Blue, and Dodger Blue) to keep the chart organized and easy to read.
  • Safety Checks: The script includes an error-handling system that will display a visible warning message on your chart if you attempt to run it on an unsupported timeframe.
Price Data Components
Series array that contains the highest prices of each barSeries array that contains the lowest prices of each bar
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BobokusFibo_v2_v1 
//+------------------------------------------------------------------+
//| #BobokusFibo.mq4 modified from                                   |
//| #SpudFibo.mq4                                                    |
//| http://www.forexfactory.com/showthread.php?t=50767               |
//+------------------------------------------------------------------+
#property link "Modified by cja"
#property indicator_buffers 3
#property  indicator_chart_window
//----
extern int TimeFrame =60;
extern int Fibo_Num=12345;
extern color Intra_color=RoyalBlue;
extern color Upper_color=Blue;
extern color Lower_color=DodgerBlue;
//----
double HiPrice, LoPrice, Range;
datetime StartTime;
//+------------------------------------------------------------------+
//|                                                                  |
//+------------------------------------------------------------------+
int init()
  {
   return(0);
  }
//+------------------------------------------------------------------+
//|                                                                  |
//+------------------------------------------------------------------+
int deinit()
  {
   ObjectDelete("LongFibo"+Fibo_Num+"");
   ObjectDelete("ShortFibo"+Fibo_Num+"");
   ObjectDelete("IntradayFibo"+Fibo_Num+"");
   ObjectDelete("Fibo"+Fibo_Num+""); ObjectDelete("Fibo1"+Fibo_Num+"");
   return(0);
  }
//+------------------------------------------------------------------+
//| Draw Fibo
//+------------------------------------------------------------------+
int DrawFibo()
  {  
   string TF="",TF2="";
   if(TimeFrame==1){return(-1);}
   if(TimeFrame==5){return(-1);}
   if(TimeFrame==15){return(-1);}
   if(TimeFrame==30){return(-1);}
   if(TimeFrame==60){TF="H1";}
   if(TimeFrame==240){TF="H4";}
   if(TimeFrame==1440){TF="Daily";}
   if(TimeFrame==10080){TF="Weekly";}
   if(TimeFrame==43200){TF="Monthly";}
   if(TimeFrame==60){TF2="1 Hourly";}
   if(TimeFrame==240){TF2="4 Hourly";}
   if(TimeFrame==1440){TF2="IntraDay";}
   if(TimeFrame==10080){TF2="IntraWeek";}
   if(TimeFrame==43200){TF2="IntraMonth";}
   if(ObjectFind("LongFibo"+Fibo_Num+"")==-1)
      ObjectCreate("LongFibo"+Fibo_Num+"",OBJ_FIBO,0,StartTime,HiPrice+Range,StartTime,HiPrice);
   else
     {
      ObjectSet("LongFibo"+Fibo_Num+"",OBJPROP_TIME2, StartTime);
      ObjectSet("LongFibo"+Fibo_Num+"",OBJPROP_TIME1, StartTime);
      ObjectSet("LongFibo"+Fibo_Num+"",OBJPROP_PRICE1,HiPrice+Range);
      ObjectSet("LongFibo"+Fibo_Num+"",OBJPROP_PRICE2,HiPrice);
     }
   ObjectSet("LongFibo"+Fibo_Num+"",OBJPROP_LEVELCOLOR,Upper_color);
   ObjectSet("LongFibo"+Fibo_Num+"",OBJPROP_FIBOLEVELS,4);
   ObjectSet("LongFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+0,0.34);   ObjectSetFiboDescription("LongFibo"+Fibo_Num+"",0,""+TF+" Long Target 1 -  %$");
   ObjectSet("LongFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+1,0.55);   ObjectSetFiboDescription("LongFibo"+Fibo_Num+"",1,""+TF+" Long Target 2 -  %$");
   ObjectSet("LongFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+2,0.764);   ObjectSetFiboDescription("LongFibo"+Fibo_Num+"",2,""+TF+" Long Target 3 -  %$");
   ObjectSet("LongFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+3,1.764);   ObjectSetFiboDescription("LongFibo"+Fibo_Num+"",3,""+TF+" Long Target 4 -  %$");
   ObjectSet("LongFibo"+Fibo_Num+"",OBJPROP_RAY,true);
   ObjectSet("LongFibo"+Fibo_Num+"",OBJPROP_BACK,true);
   if(ObjectFind("ShortFibo"+Fibo_Num+"")==-1)
      ObjectCreate("ShortFibo"+Fibo_Num+"",OBJ_FIBO,0,StartTime,LoPrice-Range,StartTime,LoPrice);
   else
     {
      ObjectSet("ShortFibo"+Fibo_Num+"",OBJPROP_TIME2, StartTime);
      ObjectSet("ShortFibo"+Fibo_Num+"",OBJPROP_TIME1, StartTime);
      ObjectSet("ShortFibo"+Fibo_Num+"",OBJPROP_PRICE1,LoPrice-Range);
      ObjectSet("ShortFibo"+Fibo_Num+"",OBJPROP_PRICE2,LoPrice);
     }
   ObjectSet("ShortFibo"+Fibo_Num+"",OBJPROP_LEVELCOLOR,Lower_color);
   ObjectSet("ShortFibo"+Fibo_Num+"",OBJPROP_FIBOLEVELS,4);
   ObjectSet("ShortFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+0,0.34);   ObjectSetFiboDescription("ShortFibo"+Fibo_Num+"",0,""+TF+" Short Target 1 -  %$");
   ObjectSet("ShortFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+1,0.55);   ObjectSetFiboDescription("ShortFibo"+Fibo_Num+"",1,""+TF+" Short Target 2 -  %$");
   ObjectSet("ShortFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+2,0.764);   ObjectSetFiboDescription("ShortFibo"+Fibo_Num+"",2,""+TF+" Short Target 3 -  %$");
   ObjectSet("ShortFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+3,1.764);   ObjectSetFiboDescription("ShortFibo"+Fibo_Num+"",3,""+TF+" Short Target 4 -  %$");
   ObjectSet("ShortFibo"+Fibo_Num+"",OBJPROP_RAY,true);
   ObjectSet("ShortFibo"+Fibo_Num+"",OBJPROP_BACK,true);
   if(ObjectFind("IntradayFibo"+Fibo_Num+"")==-1)
      ObjectCreate("IntradayFibo"+Fibo_Num+"",OBJ_FIBO,0,StartTime,HiPrice,StartTime+TimeFrame*60,LoPrice);
   else
     {
      ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_TIME2, StartTime);
      ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_TIME1, StartTime+TimeFrame*60);
      ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_PRICE1,HiPrice);
      ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_PRICE2,LoPrice);
     }
   ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_LEVELCOLOR,Intra_color);
   ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_FIBOLEVELS,7);
   ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+0,0.0);   ObjectSetFiboDescription("IntradayFibo"+Fibo_Num+"",0,""+TF2+" Low -  %$");
   ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+1,0.191);   ObjectSetFiboDescription("IntradayFibo"+Fibo_Num+"",1,""+TF2+" S1 -  %$");
   ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+2,0.382);   ObjectSetFiboDescription("IntradayFibo"+Fibo_Num+"",2,""+TF2+" Short -  %$");
   ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+3,0.500);   ObjectSetFiboDescription("IntradayFibo"+Fibo_Num+"",3,""+TF2+" Pivot -  %$");
   ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+4,0.618);   ObjectSetFiboDescription("IntradayFibo"+Fibo_Num+"",4,""+TF2+" Long -  %$");
   ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+5,0.809);   ObjectSetFiboDescription("IntradayFibo"+Fibo_Num+"",5,""+TF2+" R1 -  %$");
   ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_FIRSTLEVEL+6,1.000);   ObjectSetFiboDescription("IntradayFibo"+Fibo_Num+"",6,""+TF2+" High -  %$");
   ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_RAY,true);
   ObjectSet("IntradayFibo"+Fibo_Num+"",OBJPROP_BACK,true);
  }
//+------------------------------------------------------------------+
//| Indicator start function
//+------------------------------------------------------------------+
int start()
  {
   int shift  =iBarShift(NULL,TimeFrame,Time[0]) + 1;   // yesterday
   HiPrice     =iHigh(NULL,TimeFrame,shift);
   LoPrice     =iLow (NULL,TimeFrame,shift);
   StartTime  =iTime(NULL,TimeFrame,shift);
   if(TimeDayOfWeek(StartTime)==0/*Sunday*/)
     {//Add fridays high and low
      HiPrice=MathMax(HiPrice,iHigh(NULL,TimeFrame,shift+1));
      LoPrice=MathMin(LoPrice,iLow(NULL,TimeFrame,shift+1));
     }
   Range=HiPrice-LoPrice;
   DrawFibo();
//----
   string Caution="",Caution2="";
   if(TimeFrame==1){Caution="ERROR: Incorrect Fibo TimeFrame";Caution2="Use only H1/H4/D1/W1/MN1";}
   if(TimeFrame==5){Caution="ERROR: Incorrect Fibo TimeFrame";Caution2="Use only H1/H4/D1/W1/MN1";}
   if(TimeFrame==15){Caution="ERROR: Incorrect Fibo TimeFrame";Caution2="Use only H1/H4/D1/W1/MN1";}
   if(TimeFrame==30){Caution="ERROR: Incorrect Fibo TimeFrame";Caution2="Use only H1/H4/D1/W1/MN1";}
//----
   ObjectDelete("Fibo"+Fibo_Num+"");
   ObjectCreate("Fibo"+Fibo_Num+"", OBJ_LABEL,0, 0, 0);
   ObjectSetText("Fibo"+Fibo_Num+"",Caution,20, "Verdana",Intra_color);
   ObjectSet("Fibo"+Fibo_Num+"", OBJPROP_CORNER, 1);
   ObjectSet("Fibo"+Fibo_Num+"", OBJPROP_XDISTANCE, 20);
   ObjectSet("Fibo"+Fibo_Num+"", OBJPROP_YDISTANCE, 36);
//----
   ObjectDelete("Fibo1"+Fibo_Num+"");
   ObjectCreate("Fibo1"+Fibo_Num+"", OBJ_LABEL,0, 0, 0);
   ObjectSetText("Fibo1"+Fibo_Num+"",Caution2,20, "Verdana",Intra_color);
   ObjectSet("Fibo1"+Fibo_Num+"", OBJPROP_CORNER, 1);
   ObjectSet("Fibo1"+Fibo_Num+"", OBJPROP_XDISTANCE, 20);
   ObjectSet("Fibo1"+Fibo_Num+"", OBJPROP_YDISTANCE, 66);
//----
   return(0);
  }
//+------------------------------------------------------------------+

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